$7500 tax credt..what to do

[Tom's_03SVT]

I took the credit and put a porch on the front of my house with it.

 

[darkhorse276]

i dont know about all this other banter, but i can tell you what to do with it

get some blow and a hooker, and piihb

 

[bolinger06]

did a little more research...it seems that they might be possibly changing the bill so that if u bought after January 1, 2009 u dont have to pay the money back at all and the ppl in 08' have to pay it back, sorta wierd. I've heard both though, that everyone that qualifies from april 08' to july 09' wont have to pay it back. Who knows, ive got 2 weeks till my tax appointment so hopefully some news will come out on this.

 

[Sapperstang]

We are getting it.

 

[XtraTQ]

so since we bought in 07 we get nothing? :dw:

I believe so. I purchased my house in 2007 as well :cuss:

 

[ff500]

I found this bit of information, if you are thinking of buying you might want to keep an eye on this.




Sen. Johnny Isakson, R-Ga., is pressing for a tax credit of up to $15,000 for everyone who buys a home this year, at a cost of $18.5 billion. The pending measure would award a $7,500 tax credit only to first-time homebuyers.

 

[HYBRED]

So is this something you can get before you buy the house, to use on the down payment/closing costs? Or is it an after-the-fact thing?

 

[amxguy1970]

It is an after the fact thing, you claim it on your taxes for 09.

Yeah I am watching this closely too, as I put money down on a place but it won't be built in time to get the 7500 as of now. But with all the talks they are wanting to extend this through the end of 09 to give more people a chance to buy and get the market going again, plus they are also wanting to make it 15k instead. Gosh I sure hope this works out becuase it would be nice to use this money for many different things as my funds will be depleated pretty severly with the down payment I have to come up with.

Tyler

 

[Zimmer0924]

Quick question.
Me and my girl friend are buying a house right now. We already filed are taxes too.
One of us should see this credit when we do our taxes next year right?
Thanks.

 

[assasyn]

I closed on my house on March 31 2008!!!
:fm::fm::fm::fm::fm::mj::mj::mj::mj::mj::shrug:

 

[BLWN DSG]

as everyone else is saying, I purchased my house this past July. I understand about inticing people into the housing market by giving tax credits and 0% money but what I don't agree with is giving help to those who are already in the market or who purchased 6 months-1 year ago. A guy I work with just purchased his first house this past November and he gets nothing....that is crap. When I purchased my first house all I got from the government was a bill for property taxes!!!!

 

[His Grace]

So, I bought my second house last june or so, do I not qualify because I am not a first time home buyer?

 

[ttk53]

I closed on my house on March 31 2008!!!
:fm::fm::fm::fm::fm::mj::mj::mj::mj::mj::shrug:

March 19th here sucks could really have used the cash

 

[assasyn]

March 19th here sucks could really have used the cash

We didn't even move in until May.:shrug:

 

[P49Y-CY]

i dont know about all this other banter, but i can tell you what to do with it

get some blow and a hooker, and piihb

:lol: :rockon:

 

[Tabres]

I'm right out of college and have next to nothing, so I'm furnishing my home with it.

Hadn't heard about them possibly bumping up the dollar amount, or making it so that you don't have to pay it back. I closed on Dec. 19, 2008 so hopefully they extend that date back to include everyone else as well.

So, I bought my second house last june or so, do I not qualify because I am not a first time home buyer?

Correct. You have to have had, I believe, a 3 year period where you have not owned property to be considered a first-time homebuyer.

 

[ralliart16]

thanks for posting this guys... I should be buying a house in the new few months and this will definitely help!!

 

[About2bite]

So when are we suppose to find out if they increase the amount? Also what happens if I file my taxes now and buy a house in two months?? Will I see the $7500 on next years tax return??

Thanks

 

[amxguy1970]

^^^ Yes

And when all the voting is done in Congress and the Senate and it is signed off on, the Republicans are yearing for that 15k through the end of the year; sure hope they get it!

Tyler

 

[quik6]

Yeah, I've known about the $7500 credit for awhile. All this talk of 15k and not having to pay back the credit is awesome. I really hope this happens.